Financial Planning Process

At Solutions 2 Wealth we use a Financial Planning Process that will assist you in assessing and planning your current and future financial requirements while developing a Financial Plan to meet your specific needs. The purpose of the Financial Plan is to create the most appropriate strategy to meet your goals.

1. Establish and Define a Professional Relationship

The initial appointment gives us the opportunity to explain what we do and how we go about rendering the services that we provide. We will also define both the Client’s and Solutions 2 Wealth’s responsibilities and expectations, concluding with the signing of the client mandate and clarification on how we are remunerated by going through the different remuneration structures.

2. Gather Data & Set Goals

In this step of the financial planning process, we gather information covering the client’s financial planning. This will include personal information, goals, current financial position, existing planning, and would also include looking at needs and priorities.

3. Analyse and Evaluate your Financial Status

A financial needs analysis will then be completed, analysing the information and determining what could be done to meet the goals and needs that were set. Depending on what services had been asked for, this could include analysing assets, liabilities, cash flow, existing insurance coverage, health care, investments, estate planning and tax strategies.

In this Step, we make recommendations that address any shortfalls that are uncovered. The Financial Planner will explain these recommendations so that informed decisions can be made. The recommendations will take the form of quotations, investment overviews or product specific outcomes.

5. Implement the Financial Planning Recommendations

Once the client is satisfied with the recommendations, the plan will be implemented. Solutions 2 Wealth will submit completed applications for the recommended product for the client and coordinate the implementation process. In the case of risk cover, medicals will need to be completed. All necessary requirements will be communicated during the processing of the business.

6. Monitor the Progress of your Financial Plan.

This is the last step in the Financial Planning Process. Depending on the mandate and requirements, regular review meetings may be scheduled with the Financial Planner over the following years. This involves monitoring of the recommendations and revision of the plan.